Bitcoin price prediction: BTC to move towards $20800 resistance, analyst
3 min readTL:DR Breakdown
- Bitcoin price prediction expects stability at its current range.
- 20,000 breach is possible with market support.
- Pattern suggests the period volatility is over.
The Bitcoin price prediction by Atlas Trades shows that the BTC price will move towards the $20800 mark if the coin breaks above the triangle pattern. The cryptocurrency observed a bearish move on the 8th of December and fell towards the $18700 level.
1-Day Bitcoin price analysis
The BTC price was observed at the $18844.96 mark at the time of writing on Bitstamp. The cryptocurrency’s price trajectory abruptly fell towards the $18700 mark just before noon on the 8th of December. The highest price level achieved by the cryptocurrency on the 8th of December was $19301.75, whereas the lowest price hit by the cryptocurrency after the downward move was $18619.06. Currently, the cryptocurrency rests above the $18700 mark.
Bitcoin price prediction: Breakout and upward move to $20800 ahead?
The cryptocurrency has been trading inside a triangle pattern from the beginning of December. The analyst Atlas Trades believes that the price will bounce off the bottom of the triangle pattern and then rise to the top of the trade setup, which is where the $20800 resistance is marked.
The cryptocurrency has been under an ascending move over the past few weeks, and the price even hit its all-time high at the very start of December. The price volatility has decreased by a lot ever since the price entered the triangle pattern, and BTC price has been ascending over the bottom of the triangle. The price will eventually test the upper boundary and then break above the triangle to test the top of the trade setup. The flat resistance lies at $20800, while the support level is confirmed at $18200.
What’s next for the BTCUSD pair?
The crypto king trades inside a channel per the chart below, and the price is expected to break towards the upside soon.
Per the analyst, the cryptocurrency is currently accumulating before it can see any major moves towards the upside. The altcoin market saw a downfall on the 8th of December while BTC trades well above $18500. The nearest resistance lies above $20000, and if the cryptocurrency moves above this channel-like trade then the price will jump above the twenty-grand mark and achieve another all-time high.
What to expect from Bitcoin?
The chart below shows another triangle pattern forming on the BTCUSD pair’s 4h timeframe. The analyst Mahtab believes that there are two paths that the cryptocurrency king could follow from here.
The top resistance was marked at $20400, whereas the support was marked at $17400. An upward breakout from the triangle pattern should allow the bulls to pour in and the price will jump to the top of the trade setup. This is one of the two scenarios that Bitcoin might take. The other scenario shows that the cryptocurrency will break below the triangle, and then fall towards $18000 following a short price reversal with an eventual fall towards the bottom of the trade. This price will confirm support at $17400 if it turns bearish and breaks towards the downside.
